New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Oceania Healthcare (OCA) delivered a softer-than-expected 1H26 result, driven by lower resales gains and higher interest and opex.</li><li>The result demonstrated solid progress in several of our key focus areas: (1) reducing head office costs; (2) clearing inventory; and (3) releasing cash from the business, with divestments of four sites expected to settle in 2H26.</li><li>We continue to see a positive risk/reward backdrop and retain our OUTPERFORM rating with an unchanged target price of NZ$1.00.</li></ul>

Oceania Healthcare (OCA) delivered a softer-than-expected 1H26 result, driven by lower resales gains and higher interest and opex.The result demonstrated solid progress in several of our key focus areas: (1) reducing head office costs; (2) clearing inventory; and (3) releasing cash from the business, with divestments of four sites expected to settle in 2H26.We continue to see a positive risk/reward backdrop and retain our OUTPERFORM rating with an unchanged target price of NZ$1.00.

Oceania Healthcare 1H26 Result Staying The Course